The Millennium Semiconductor Survival Guide.

Chapter 356 Industry-university-research collaboration

It was only in 2008 that most Chinese realized what the financial crisis was and the harm it could bring.

In order to make profits, financial capital expands without a bottom line and inflates the bubbles infinitely. Ordinary people only get some benefits and are forced to bear the consequences of the financial crisis.

This is like future generations of users who bought unfinished properties off-plan. They indirectly enjoyed some dividends brought by real estate development and infrastructure development, but had to spend half their lives paying for it.

In today's China, there are two groups of people who are most deeply affected by the financial crisis. One group is engaged in finance, and the other group is engaged in foreign trade.

As the world continues to cool down, the financial crisis has led to shrinking consumer demand in developed countries. The foreign trade industry has suffered an unprecedented cold winter, and companies that have not experienced a complete cycle are facing the crisis of bankruptcy.

This is why it is necessary to rely on the [-] trillion infrastructure plan to stimulate domestic demand. If it does not stimulate domestic demand, a large number of companies will collapse, which will create a vicious cycle.

“Because my boss is Chinese, Xinxing Investment has invested in a large number of projects in China, including John next to me, who is the person in charge of Xinxing Investment in China. We often discuss China’s economy.

I feel honored to have the opportunity to participate in the financial forum organized by the Chinese government. I also want to take this opportunity to give a more profound expression of emerging investment’s views on the global financial crisis and the current economic situation in China. " Warren Jensen said.

John is Wu Shiqiang’s English name. Jensen gave a speech in the morning of the Yanjing International Financial Forum. In the afternoon, the organizer specially arranged for a host to conduct interviews with Warren Jensen and Wu Shiqiang. It was equivalent to a special forum on emerging investments. discuss.

Wu Shiqiang added: “Yes, China is the most important investment market for emerging investments in the world, and we have a large number of investment projects in China.

Even during the financial crisis, we invested a total of approximately 200 billion RMB in China from last year to this year, and all of these investments were in technology-based companies. "

The host did not hesitate to ask, China is the most important investment market for emerging investments, so what is Amerikan, and why emerging investments have invested more money in Neon than in the Chinese market.

This is an officially organized forum, and the moderator will not be so ignorant.

"Yes, China is the developing country with the fastest growth rate in various indicators in the past ten years. A large amount of foreign capital is entering and investing in China, and emerging investment is a typical representative of it," the host said.

Chinese officials from the central to local governments are very fond of emerging investments for many reasons. Emerging investments are their own people, and compared with other "own people", the investment direction of emerging investments is more valuable.

Wanwan Capital and Xiangjiang Capital are also considered "our own people", but the capital of these two places, Wanwan Capital comes in to engage in the low-value-added OEM industry, which provides a large number of jobs, but does not have much gold content, and It caused pollution to the environment. After Xiangjiang Capital came in, it focused on buying land and speculating on it, from residential to commercial to office buildings.

Emerging investment is focused on the Internet and semiconductor industries, and the investments are all technology-based companies, not to mention the cooperation with Xinxin Technology to build Zhangjiang into a true high-tech park.

Therefore, Xinxing Investment will be invited and given high courtesy at various large-scale events organized by the government.

"The theme of our international financial forum is the global financial crisis and its impact on the world and China. How do you two view this topic?" the host asked.

Warren Jensen said: "John and I will have a division of labor. I will introduce the situation of Amerikan, and John will introduce the situation of China.

Before joining Emerging, I worked in an Internet company and also in the traditional financial industry. I have always been engaged in finance and investment-related work, so I have many friends on Wall Street.

I have acquaintances with executives from almost every leading investment bank. I want to start with the micro and then the macro. The bankruptcy of Lehman Brothers has become the focus of global attention. From the perspective of leverage, Lehman Brothers is not the highest. That one.

Lehman Brothers has always been relatively conservative among investment banks. Its leverage is about 1:20, while the general leverage of Goldman Sachs, Merrill Lynch, and JP is 1:30 or even higher.

Why did Lehman fail first? Because their position in asset-backed securities was too big. Until last year, their internal executives were still telling me that the subprime mortgage crisis would not spread. Such wrong decisions led to The giant's collapse.

Asset securitization allows loans to continue to flow between banks, which not only increases the liquidity and risks of banks, but also increases the money supply of the entire economy without the government's ability to regulate it, and the U.S. dollar is the global currency, resulting in currency Supply and liabilities were spread across parts of the global economy, delaying the outbreak until today. "

This kind of professional content has particularly high requirements for real-time translation. A large number of professional vocabulary needs to be accurately transmitted, and the translator's forehead is starting to sweat.

“At the micro level, a large number of financial practitioners have a fluke mentality, either thinking that the crisis will not spread, or that the Federal Reserve has a way, or that they can escape.

From a macro level, it is because of America's long-term monetary easing policy. This easing is mainly reflected in low interest rates. The official interest rate has always been about 2 points lower than that of England. In addition, China and other major manufacturing countries have continued to provide Aramco with Liken supplies low-priced goods, resulting in the overall inflation rate of Americalike being very low. This hot money flows from ordinary people to the real estate and Internet financial markets, jointly creating this financial crisis. "

The low-priced products that China supplies to Amerikan are poison pills coated with honey. If you don't eat them, inflation will cause the overall situation to get out of control. If you eat them, it will cultivate huge competitors.

China is a completely different opponent than what the Federation has faced in the past.

Now more and more Americus experts, scholars and politicians are aware that China is an opponent. Americus is one of the most influential international political journals. Perhaps there is no other. Foreign Policy has been published since 2007. The article focuses on two themes, the financial crisis and the rise of China.

Previous topics have almost disappeared, such as the Middle East, the European Union, Russia, etc. Even if these contents are available, they are not given much space.

After Warren Johnson finished speaking, Wu Shiqiang took over: "Unlike America, China's financial crisis is more due to external factors.

China's financial policies are extremely conservative. The debt ratios of the government and residents are very low. Financial institutions are strictly supervised. Residents' main financial management method is still savings. The overall financial market participation of residents is very low.

Therefore, China's financial crisis is mainly reflected in the continued contraction of the external market. Demand from traditional foreign trade countries and regions such as America, Europa, Neon, and Korea has been decreasing, and foreign trade companies are having a particularly difficult time.Everyone should know that Emerging Investments is Alibaba’s major shareholder, and we have been involved since Alibaba’s first round of financing.

Alibaba is also the first company in the world to join forces with NewPay to engage in foreign trade rights confirmation. We can also see from Alibaba’s financial report that the revenue brought by foreign trade rights confirmation to Alibaba has declined for the first time, and the decline has even exceeded [-]%, which is a very ugly figure for a company still in a period of rapid growth.

The foreign trade industry is very pessimistic. Under this situation, what China needs to think about is how to stimulate domestic demand. "

China's population means that every time a financial crisis or weak growth comes, everyone's first reaction is to stimulate domestic demand. The troika of China's economic growth, foreign trade, exports and consumption, consumption has always been very weak.

There have been various analyzes of the weak consumption, which is caused by the distribution model, real estate consumption that consumes too much of residents' spending power, the insufficient social security system that prevents residents from consuming, etc.

These are all reasonable, but they cannot cover the whole picture, and at this point in time, the consumption power of real estate does not exist yet. Everyone believes that domestic demand should be stimulated by improving the distribution model and raising wage standards.

"Both Mr. Johnson and Mr. Wu have just interpreted China and the global financial crisis very well. Recently, China has also launched a US$7000 billion package of policies to benchmark Amerika, including rural infrastructure construction, security Housing projects, railway, highway and airport construction, etc.

What do you think of China's policy package, the difference between it and America's policy, and whether it can help China's economy take the lead in getting out of the financial crisis on a global scale? "

Johnson doesn’t understand this issue. If you are not a financial practitioner who is specifically responsible for investing in China’s affairs, you will not understand the policies that China wants to adopt, let alone the specific data of China’s economy.

Wu Shiqiang understood it very well: “There are 10 items mentioned in total, so I won’t go into details one by one.

Let me briefly talk about the difference between the two. The rescue plans of China and Amerikan are completely different. All US$7000 billion of Amerikan will be used to protect their large financial institutions. Citigroup took US$450 billion from the Federal Reserve. , several other major banks, such as Wells Fargo, America, and Morgan, each took 200 billion.

This is not just commercial banks, but also insurance, funds, securities, etc. Amerikan wants to inject liquidity into the entire capital market to prevent these large financial institutions from failing and causing systemic risks.

The problems faced by China are different. China's rescue plan is to protect employment and people's livelihood. Because the degree of openness of China's financial market is limited, we will not face the same problems as Amerikan.

We still hope to stimulate domestic demand through these 10 plans, so that enterprises can survive and residents can find jobs. "

Compared with America, China's local debt is huge, but the central government's debt has always been at a very low level, and it is also the lowest in the world.

“The most important of these 10 policies is infrastructure, which is related to the most upstream and downstream industries and can quickly create a large number of job opportunities and domestic demand.

What I am more concerned about are two points. One is to increase the income of urban and rural residents. Depending on the specific implementation, this will help expand domestic demand. For emerging industries, we can invest in some companies in the consumer industry, which we have never invested in before. target.

Another one is to encourage independent innovation and support the development of high-tech industrialization and technological progress. Xinxing has been doing this all the time. With support from the government, I believe that China's high-tech industry will develop faster.

Everyone knows that New Core Technology is a giant in the chip industry. We also know that New Core Technology is deeply involved in the Shenhai area and has formed a good industry-university-research mechanism with universities in Shenhai and even the entire Yangtze River Delta region. "

With the support of Shenhai and Yanjing, Xinxin, local platform companies in Shenhai City and central investment companies jointly established an industrial transformation fund to screen projects with industrialization potential in the Yangtze River Delta region, then invest and help such projects The project cooperates with enterprises to transform laboratory technology into industrialized results.

Because it is led by New Core, state-owned funds provide money, and New Core also provides money. The money is generous, and it also has many benefits for the subsequent development of university professors or young teachers. At the same time, because New Core has very high requirements, this is An investment.

Academic staff's projects are submitted to Xinxin for review, and Xinxin places such projects on a sharing platform they created. Technology companies that join the sharing platform can see all applied topics, and those who are interested in such topics can The company and Xinxin invest the initial capital together.

Of course, it is also possible that Xinxin is interested internally, so Xinxin will pay more.

The money will jointly form the initial funding for this project. After receiving the money, academic staff can form a research team. Whether they find other professors to collaborate or work alone, it will be no problem. Then they will develop a project progress plan and regularly accept companies and new projects. Core assessment.

If the assessment passes, it will continue to invest money. If the company is unwilling to continue to spend money, Xinxin will continue to put this topic on the sharing platform to find if there are companies that are still willing to pay. Xinxin may also invest in this project exclusively.

Projects are converted into results, or aborted.

Because companies have to be deeply involved and have to invest money, there is very little waste of resources, and it is also a good learning opportunity for academic staff in science and engineering. Students who participate will only rely on this resume when they graduate. Can improve bargaining power in the market.

This is a win-win situation. The only disadvantage is that the requirements are extremely high.

“What everyone doesn’t know is that Emerging Investment also cooperates with some chain owners with core technologies in the Yangtze River Delta region, and is also developing similar industry-university-research funds.”

Chain owners refer to companies with dominant power in the upstream and downstream of the supply chain. For example, companies in Apple's fruit supply chain are chain owners. They have the ability to dominate the life and death of companies in the entire industry chain. Xinxin Technology and Matrix also belong to this type of company.

"Emerging investments such as Baosteel, SAIC, Shenhai Electric, Fosun Pharma, etc. have relevant cooperation with them."

　It was still there in the evening, and I got stuck in the morning. . .

　　
　
(End of this chapter)